Tuesday, October 26, 2010

MANILA: Philippine budget airline Cebu Pacific soared on its stock exchange debut Tuesday as it said its initial public offering had become a record for the country.The firm's shares rose 6.4 percent to end at 133 pesos on the Philippine Stock Exchange, from its opening price of 125 pesos.It said its IPO eventually raised 539 million dollars after selling 186.6 million shares, or 30.4 per cent of outstanding stock, to local and foreign investors."The IPO is the largest ever conducted in the Philippines in US dollar terms," the company claimed in statement.Monday's strong rise came as the broader market slipped 0.17 per cent.Proceeds from the IPO would be used to boost its fleet, Cebu Pacific said, adding that by 2014 it will have taken delivery of 22 new Airbus A320 aircraft.Stock exchange chairman Hans Sicat said Cebu Pacific's listing came at a time when the bourse was setting record highs, with the key index gaining 40.43 per cent over the year-to-date."It is the first transaction in the aviation business, and perhaps more importantly, it is a landmark deal in the low-cost carrier sector, setting a benchmark amongst regional and global LCC peers," Sicat said.Cebu Pacific chief executive Lance Gokongwei said the firm planned to expand its international operations and make it the airline's major source of revenue in about five years.While international passengers account for 15 per cent of the total flown by the airline, they account for 38 per cent of total revenue, he said.New destinations in the Asia Pacific region were being planned, while current flight frequencies would also be increased, he said.Cebu Pacific is Asia's third largest low-cost carrier and operates from four hubs in the Philippines while flying to 33 domestic and 16 international destinations.

MANILA: Philippine budget airline Cebu Pacific soared on its stock exchange debut Tuesday as it said its initial public offering had become a record for the country.The firm's shares rose 6.4 percent to end at 133 pesos on the Philippine Stock Exchange, from its opening price of 125 pesos.It said its IPO eventually raised 539 million dollars after selling 186.6 million shares, or 30.4 per cent of outstanding stock, to local and foreign investors."The IPO is the largest ever conducted in the Philippines in US dollar terms," the company claimed in statement.Monday's strong rise came as the broader market slipped 0.17 per cent.Proceeds from the IPO would be used to boost its fleet, Cebu Pacific said, adding that by 2014 it will have taken delivery of 22 new Airbus A320 aircraft.Stock exchange chairman Hans Sicat said Cebu Pacific's listing came at a time when the bourse was setting record highs, with the key index gaining 40.43 per cent over the year-to-date."It is the first transaction in the aviation business, and perhaps more importantly, it is a landmark deal in the low-cost carrier sector, setting a benchmark amongst regional and global LCC peers," Sicat said.Cebu Pacific chief executive Lance Gokongwei said the firm planned to expand its international operations and make it the airline's major source of revenue in about five years.While international passengers account for 15 per cent of the total flown by the airline, they account for 38 per cent of total revenue, he said.New destinations in the Asia Pacific region were being planned, while current flight frequencies would also be increased, he said.Cebu Pacific is Asia's third largest low-cost carrier and operates from four hubs in the Philippines while flying to 33 domestic and 16 international destinations.

MANILA: Philippine budget airline Cebu Pacific soared on its stock exchange debut Tuesday as it said its initial public offering had become a record for the country.The firm's shares rose 6.4 percent to end at 133 pesos on the Philippine Stock Exchange, from its opening price of 125 pesos.It said its IPO eventually raised 539 million dollars after selling 186.6 million shares, or 30.4 per cent of outstanding stock, to local and foreign investors."The IPO is the largest ever conducted in the Philippines in US dollar terms," the company claimed in statement.Monday's strong rise came as the broader market slipped 0.17 per cent.Proceeds from the IPO would be used to boost its fleet, Cebu Pacific said, adding that by 2014 it will have taken delivery of 22 new Airbus A320 aircraft.Stock exchange chairman Hans Sicat said Cebu Pacific's listing came at a time when the bourse was setting record highs, with the key index gaining 40.43 per cent over the year-to-date."It is the first transaction in the aviation business, and perhaps more importantly, it is a landmark deal in the low-cost carrier sector, setting a benchmark amongst regional and global LCC peers," Sicat said.Cebu Pacific chief executive Lance Gokongwei said the firm planned to expand its international operations and make it the airline's major source of revenue in about five years.While international passengers account for 15 per cent of the total flown by the airline, they account for 38 per cent of total revenue, he said.New destinations in the Asia Pacific region were being planned, while current flight frequencies would also be increased, he said.Cebu Pacific is Asia's third largest low-cost carrier and operates from four hubs in the Philippines while flying to 33 domestic and 16 international destinations.

MANILA: Philippine budget airline Cebu Pacific soared on its stock exchange debut Tuesday as it said its initial public offering had become a record for the country.The firm's shares rose 6.4 percent to end at 133 pesos on the Philippine Stock Exchange, from its opening price of 125 pesos.It said its IPO eventually raised 539 million dollars after selling 186.6 million shares, or 30.4 per cent of outstanding stock, to local and foreign investors."The IPO is the largest ever conducted in the Philippines in US dollar terms," the company claimed in statement.Monday's strong rise came as the broader market slipped 0.17 per cent.Proceeds from the IPO would be used to boost its fleet, Cebu Pacific said, adding that by 2014 it will have taken delivery of 22 new Airbus A320 aircraft.Stock exchange chairman Hans Sicat said Cebu Pacific's listing came at a time when the bourse was setting record highs, with the key index gaining 40.43 per cent over the year-to-date."It is the first transaction in the aviation business, and perhaps more importantly, it is a landmark deal in the low-cost carrier sector, setting a benchmark amongst regional and global LCC peers," Sicat said.Cebu Pacific chief executive Lance Gokongwei said the firm planned to expand its international operations and make it the airline's major source of revenue in about five years.While international passengers account for 15 per cent of the total flown by the airline, they account for 38 per cent of total revenue, he said.New destinations in the Asia Pacific region were being planned, while current flight frequencies would also be increased, he said.Cebu Pacific is Asia's third largest low-cost carrier and operates from four hubs in the Philippines while flying to 33 domestic and 16 international destinations.

MANILA, Philippines – Emirates was named the winner of the prestigious Center for Asia Pacific Aviation (CAPA) Airline of the Year Award for 2010 at a gala reception in Singapore recently.

Air New Zealand's Rob Fyfe was named CEO of the Year. The awards ceremony was held as part of this year’s seventh annual Asia Aviation Outlook summit, showcasing airline and airport CEOs from around the Asia Pacific and Middle East regions.

The CAPA Airline of the Year is awarded to the carrier that has had the greatest impact on the development of the airline industry in the region, establishing itself as a leader, and the benchmark for others to follow.

It is the second time Emirates has won CAPA’s coveted top award having previously won in 2005.

“Emirates’ achievements in the past year have been extraordinary, as one of the most profitable and fastestgrowing airlines in the world," said CAPA chairman Peter Harbison.

"Emirates’ influence on competitor airline strategy continues to increase, as it aggressively enters new markets and expands others and demonstrates leadership in highquality passenger service."

Harbison said Emirates’ development has contributed to Dubai’s surge through the rankings of the world’s biggest international hubs, from 26th place in 2001 handling 12.4 million international passengers to sixth place last year with 40.1 million."

"The CAPA Airline of the Year for 2010 is certain to have a lasting and irreversible impact on the evolution of the worldwide aviation and tourism industries.” (EHL)

Saturday, October 23, 2010

MANILA, Philippines – An alliance of overseas Filipino workers in the Middle East Thursday said the case of a migrant worker committing suicide on board a Gulf Air flight from Abu Dhabi to Manila is a sad twist of an overseas Filipino worker's (OFW) struggle, a twist that shocked not only the Filipino community and OFWs abroad but the whole Filipino nation.

“His so far is the saddest of all the OFWs struggles of life and death, aside from those who have been victims of abuses," John Leonard Monterona, Migrante-Middle East regional coordinator, said in a statement.

According to news reports, Marlon Cueva, 36, of Lubang Island in Mindoro Occidental, worked as an electrician in Abu Dhabi barely three months from his deployment.

He was among the passengers of GF-154 flight which landed at the Ninoy Aquino International Airport Terminal 1 at around 11:20 a.m. last Wednesday.

Monterona, who is an OFW himself based in Saudi Arabia, said returning OFWs would be normally happy that they would be meeting their loved ones after years of working in a foreign land "no matter how hard they have worked abroad, with or without earnings and 'pasalubong', just to be home and reunited with their loved ones."

Monterona said Cueva's case is another face of a struggling OFW, "like many others whose pure intent is to work to give decent living for their children."

Monterona cited the case of an OFW who dumped her newly born child on a Gulf Air's trash bin before the flight landed.

"These two cases, aside from the 7 to ten cases of abuses, maltreatment, and labor malpractices we have been receiving daily in the Middle East, which we have been consistently reporting to concerned government agencies and to the public, are serious concerns that need special attention," Monterona said.

Meanwhile, the Overseas Workers Welfare Administration (OWWA) said it is readying the benefits for the family of the overseas Filipino workers who allegedly committed suicide inside the toilet of Gulf Air plane last Wednesday morning.

OWWA Administrator Carmelita Dimzon said that Cueva’s family is entitled to OWWA’s benefit because the victim registered as member of their agency when he left the country last July 5.

Dimzon said that the OWWA is already preparing the checks to be given to the family of Cueva amounting to P100,000 plus P20,000 assistance for burial.

She also said that the OWWA will also help one Cueva’s children by giving a scholarship grant and will provide P40,000 worth of merchandise to his wife to start a “nego-cart” business.

OWWA records show the Cueva left the country last July 5 after being hired by International Mechanical and Electrical Company in the United Arab Emirates to work as electrician-technician.

After learning of the incident, Dimzon immediately ordered a check on Cueva’s status as an OWWA member and to process the immediate release of his benefits.

According to a police report, Cueva was among the passengers of GF-152 flight which landed the Ninoy Aquino International Airport Terminal I at around 11:20 a.m.

Aviation Security Group chief Senior Supt. Napoleon Cuaton said the victim was found hanging inside the lavatory at the rear of the Airbus 330 by flight stewardess a few minutes after it landed.

Cuaton said that investigators found the victim slumped on the aisle outside the lavatory lying face up, wearing black jacket and blue polo shirt.

He also said that the strangulation injuries found in the victim seems to be self-inflicted and probably used clothing article to hang himself because there no ropes or wires and the lavatory was intact.

“There are no signs of foul play. But we’ll leave it to our forensics experts to establish the suicide,” Cuaton said.

He added that a Filipino nurse, who was among the passengers, tried to revive Cueva.

It was also learned that Cueva’s “unusual actions” had caused some alarm shortly before the flight took off at Bahrain International Airport because the victim was approaching passengers and stewards alike, inexplicably apologizing for something.

“He was saying sorry for something and then shook their hands one by one. The stewardesses could not understand what he was saying so they requested the Filipino passengers to calm him down,” Cuaton said.